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ILM Tide Brings OuterBay $12M
OuterBay Technologies Inc., which has ridden the crest of the ILM wave on an OEM deal with EMC, today picked up $12 million in funding that CEO Michael Howard says could bring the startup to profitability by September (see OuterBay Pulls in $12M).
Focus Ventures led the round with a $4.2 million investment, and previous investors BA Venture Partners, Leapfrog Ventures, Mayfield, and Redpoint Ventures joined in. OuterBays total funding is $40 million over four rounds.
OuterBays Application Data Management suite identifies and archives completed transactions in databases or custom applications, and sends the archived data to cheaper storage. EMC resells ADM as Database Xtender (see EMC Pounds ILM Pulpit and EMC Puts OuterBay Inside). OuterBay also has OEM deals with NEC America Inc. and Sybase Inc. (see OuterBay, NEC Announce OEM and Sybase Integrates OuterBay).
OuterBay and another startup, Princeton Softech Inc., are in the forefront of database archiving -- a market Meta Group Inc. forecasts to reach $2.2 billion by 2007 (see Report: Applications Key to ILM ), Princeton Softech Expands Archiving, HP Uses Softech Archive in ILM, and Princeton Softech Pines for Partners).
Howard says the funding will pay for OuterBays recent expansion of sales and support in North America, England, and Asia. He says the company has added around ten people to run its headcount to just below 100, and he expects to add another five to ten.
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